Fed Report on Industrial Production & Capacity Utilization - Capacity Lowest on Record

From the Federal Reserve:

The capacity utilization rate for total industry fell to 70.9 percent, a rate 10 percentage points below its average from 1972 to 2008. This rate matches the historical low for this series, which was recorded in December 1982; the data for total industrial utilization begin in 1967.

What is Capacity Utilization? Answer, in plain English it means people aren't making any stuff right now.

The graph (look at 2nd) from the Fed:

fed capacity utilization 02-09

And the Industrial Production and Capacity Utilization further broken down:

Fed 02-09 IP, capacity charts, by categories

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Excess Capacity

Robert's post also applies to healthcare. See: http://www.nihcm.org/pdf/CapacityBrief-FINAL.pdf (specifically Page 8).